Investing In Top Cannabis Stocks In July 2021
Are you looking for the best marijuana stocks to invest in for July? Starting in June the cannabis sector has begun to show upward momentum for investors. So far in 2021 the top cannabis stocks to buy have reached new highs in February. Followed by 4 months of declines and consolidation for top pot stocks. Now at much lower price points than the highs set in February, many analysts believe there could be some more upside for marijuana stocks in 2021.
One area of the market that has seen the largest gains in 2021 is Canadian marijuana stocks. Because Canadian companies could gain the US cannabis market once it’s federally legal, they are waiting for Congress to establish some new cannabis reform policies. In June Canadian cannabis stocks have gained minimal amounts and continue to trade much lower than their recent highs in February.
Additionally, Canadian cannabis stocks have not been performing like the US cannabis companies. In the first quarter of 2021 most Canadian cannabis companies disappointed investors by delivering larger than expected losses and not hitting earnings estimates. Because of this, the Canadian pot stocks continue to be at possibly good levels to start a position in this part of the sector. In particular, the Canadian sector has been prone to the most volatility this year.
Using Different Trading Methods For Top Pot Stocks Right Now
Because of this more investors prefer to invest in Canadian marijuana stocks using short-term trading methods. For new investors, these methods involve more risk and also require some research and due diligence before investing. In July there is the possibility that we may see one of these cannabis reform bills progress in the Senate this has sparked a renewed interest in top marijuana stocks. If cannabis legalization occurs this year, it could be a tremendous catalyst for Canadian marijuana stocks.
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With this in mind, there are two marijuana companies that have become the largest cannabis companies in the Canadian market. In fact, they have already established entry into the US market once it’s legal for them to do business. As the possibility that cannabis reform could happen this year grows these top Canadian marijuana stocks could see some upside in the next few months.
The Best Canadian Marijuana Stocks To Watch
- Canopy Growth Corporation (NASDAQ:CGC)
- Tilray, Inc. (NASDAQ:TLRY)
Canopy Growth Corporation
Canopy Growth is one of the largest producers and distributors of cannabis and cannabis-derived products in Canada. The company sells cannabis and hemp-derived products primarily in Canada, the US, and Germany. Recently the company has made new partnerships and acquisitions to grow its market share. For quite some time Canopy has established a partnership with terms for acquisition with Acreage Holdings, Inc. (OTC: ACRHF). Additionally, the company has a US distribution agreement with Southern Glazers Wine & Spirits for a CBD beverage portfolio. It seems Canopy is focusing on its beverage portfolio like the recent launch of Quatreau CBD infused beverages. Also in Canada, the company increased its brand portfolio with the acquisition of one of the countries premium cannabis brands The Supreme Cannabis Company, Inc. (OTC:SPRWF).
Canopy released the fourth-quarter fiscal year 2021 net revenue of $148 million. Additionally, total net cannabis revenue was $101 million in Q4 2021 and $379 million in full-year 2021. It’s important to note that Canopy saw a net loss in Q4 2021 of $617 million. These earnings disappointed investors and the company seems to have some ground to cover to achieve its goal of profitability in mid-2022. But Canopy did achieve 37% revenue growth in full-year 2021 and maintains the #1 market share of the total flower category in Canada.
CGC Stock Performance
CGC stock closed on June 30th at $24.18 down 1.87% year to date. In February CGC stock reached a high of $56.50 and has decreased 7.32% in the past 30 days. According to analysts at Tip Ranks, CGC stock has a 12-month average price target of $28.39 per share. In essence, this would represent an increase of 17.41% from its last trading price. As US cannabis reform becomes more of a possibility CGC stock could be a top Canadian marijuana stock to watch in July.
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Tilray, Inc. is a leading global cannabis consumer packaged goods company with operations in Canada, the US, Europe, Australia, and Latin America. With a recent merger with Aphria Inc. Tilray became one of the largest Canadian cannabis companies in the world. Now one of Canada’s dominant cannabis companies it has its presence in many different markets globally. Tilray missed its earnings estimates and saw declines in market value but seems to have recovered some value in June.
On June 30th Tilray introduced its first cross-brand product collab and launches Broken Coast BC Lager with leading Canadian cannabis brand Broken Coast Cannabis Ltd. in the US. In detail, the company will be launching this through its recently acquired US craft brewer SweetWater Brewing Company. This could be a major area of growth for Tilray for the next few years. With products in place in the US, the company could see better margins as 2021 progresses.
TLRY Stock Performance
TLRY stock closed on June 30th at $18.08 and is up 118.89% year to date. In February TLRY stock reached a high of $67.00 when it gained massive popularity with the Reddit and Robinhood investment communities. According to analysts at Market Beat, TLRY stocks has a consensus price target of $19.88 per share. This would be a gain of 9.9% from its current trading level. With the cannabis sector seeming to see some upside going into July TLRY stock could be one of the best Canadian marijuana stocks to buy in 2021.
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